PrintPapa John's CEO: The Economy Sucks, Pizza Industry in a Funk
With the economy circling the drain, the pizza industry is taking it on the chin, Papa John's CEO Nigel Travis said at the Reuters Food Summit in Chicago today. A perfect storm of recession,* rising commodity costs (cheese and wheat), and steeper gas prices for consumers have hit Papa John's—and I'm guessing other chains—hard. The third largest chain says it won't raise prices, make pizzas smaller, or start using cheaper ingredients but will look at a value menu for cost-conscious pizza-eaters. (Pizza Hut's value-minded Pizza Mia—$5—is reportedly going over like gangbusters.)
*In the article Travis says, "I personally think we are in a recession." Why is it that the CEO of friggin' Papa John's has the nads to say this when all the politicians and money dudes keep talking about a "recession that we may or may not be in" or that "we may or may not be heading into"?
Add a comment:
Previewing your comment:
HTML Hints
Some HTML is OK: <a href="URL">link</a>, <strong>strong</strong>, <em>em</em>
Comment Guidelines
Post whatever you want, just keep it pleasant. We reserve the right to delete off-topic or inflammatory comments. Learn more at our Comment Policy page.
If you see something not so nice, please, report an inappropriate comment.
4 Comments:
I thought that dude in the TV commercials was the CEO. You mean he's not? Is he really Poppa John then?
BrianPrestonCampbell at 8:24PM on 03/21/08
"Papa" John Schnatter's only the spokesman and chairman now. He's the founder and former CEO.
Adam Kuban at 10:25AM on 03/22/08
Yeah, I meant Papa -- a good reason to not make comments while on vacation.
BrianPrestonCampbell at 4:45PM on 03/22/08
Oh -- I wasn't quoting out the "papa" as a form of correction -- just as a way of showing it's a nickname. John "Papa John" Schnatter ... ;)
Adam Kuban at 6:28PM on 03/22/08